PPI Claims – Reclaim Mis-Sold Payment Protection Insurance
Do you have a Claim for mis-sold Payment Protection Insurance (PPI)?
Payment Protection Insurance (PPI) policies were offered to cover the cost of monthly repayments to a lender in the event that you were absent from work due to sickness or an accident or if you lost your job. They were mainly offered with loans, mortgages, credit cards and store cards
Common failings in PPI sales, including loan protection insurance refund, are that lenders failed to fully inform a customer of the restrictions and conditions, cost and cancellation rights. Many people agreed to buy PPI without realising that it is an insurance policy and should be suitable for your individual needs. It has been found that there are many conditions and restrictions to making a claim on the PPI policy e.g. self-employed, retired, part-time workers, students, pre-existing medical conditions that would result in paying for an insurance policy that you could never make a claim against
What can PaymentProtectionRefunds.co.uk do for you?
• Our Claims Team will establish whether or not you have a valid claim
to request reimbursement of paid PPI premiums & interest
• We will submit a detailed Letter of Complaint on your behalf listing substantial flaws in your PPI sale
• We will keep you updated with your complaint
• We will request the lender returns your money to you for an insurance product you were persuaded to buy
• We will request the industry agreed compensation of 8% be added to the refund
Common Failings in a PPI sale
• You felt PRESSURED into agreeing to buy PPI
• You were NOT told the purchase of PPI was Optional
• You HAD to buy PPI in order to get the loan, card or goods
• You were NOT told of the restrictions, conditions & exclusions
• You were NOT told about the total costs of the PPI insurance
• You were NOT eligible to claim on the PPI insurance
• You were NOT told you have a right to cancel after the sale
• You did NOT give your consent to the PPI sale
Major lenders fined by the Financial Services Authority for mis-selling PPI
• Alliance and Leicester (A&L): Fined £7 million, the highest fine to date by far, in Oct 2008 for serious failings in its PPI telephone sales between Jan 2005 and Dec 2007
• Egg: Fined £721,000 in Dec 2008 for serious failings in its credit card PPI sales by telephone between Jan 2005 and Dec 2007
• Liverpool Victoria: Fined £840,000 in July 2008 for serious failings in the sale of single premium PPI on telephone loans sold between 14 January 2005 and 8 August 2007
• HFC Bank, also trading as “Household Bank” and “Beneficial Finance”: Fined £1,085,000 in January 2008 for putting customers at an unacceptable risk of being sold PPI when it was not suitable for them. Failings took place in branches between Jan 2005 and May 2007
• Capital One: Fined £175,000 in February
• 007 for failing to ensure that 50,000 customers buying credit cards and loans between January 2005 and April 2006 received important information about the policy.
• GE Capital Bank Ltd: (supplies cards for Asda, Comet, Debenhams and Topshop among others): Fined £610,000 in January 2007 for inappropriate sales of its store cards and credit cards.
The Financial Ombudsman Service reported its statistics on PPI complaints
• The number of new cases relating to insurance increased by 82%
• 113% rise in the number of complaints about payment protection insurance (PPI) – from 49,196 in 2009/2010 to 104,597 in 2010/2011 – following a 58% rise in the previous year.
If you believe you have a claim, go to ‘Start Your Claim’ form at the top of this page and submit to us – you will have the option to either download the Claim documents or request that we post them out to you. On their return, we will proceed with the first stage of your complaint to get PPI refund and get PPI compensation.
If you are unsure whether you have a claim call us free on 0161 667 4924 to discuss how to get PPI compensation.